In a surprising turn of events, Google has lifted a nearly three-year-old policy banning cryptocurrency exchanges from using its advertising services. Having previously blacklisted the word “Ethereum”, Google’s turnaround shows the new credibility of crypto.
Eli Taranto, CBDO at EQIBank, a digital bank that offers banking services to clients in 180 countries, believes Google’s landmark decision could have halted the next crypto winter. The apparent Second Crypto Winter had been developing over the last number of weeks, spawned primarily by the negative associations with Bitcoin’s energy usage.
Taranto said:
“It looks like the Second Crypto Winter may be picking up steam, but don’t get your Moncler vest out just yet. History has a tendency to repeat itself, however this time around things are radically different.
Compared to the chaos of 2017, where an emerging digital asset class caught regulators by surprise, 2021 is seeing coordinated steps to provide additional protection to retail investors, reliable, fully compliant access for institutions and new, innovative use cases. This is no longer a revolution, it’s an evolution.
If one looks at the terms for restricted financial products, Google makes it very clear that everything from betting to Forex, has to have the relevant regulatory support in the territory it wishes to advertise.
What we saw today is the biggest sign of adaptation just yet, because one of the largest technology companies now treats Crypto like any other regulated asset class.
It could mean that on its own, Elon Musk’s Bitcoin debate was nothing more than a publicity stunt, as Tesla’s global electric vehicle market share plunged to 11% in April from 29% in March, as per the report by Credit Suisse today. With EV competition on the rise, it is quite possible that it’s just not funny anymore.”
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